This is a comprehensive federal law regulating pension and other retirement plans and health care benefits.
Its purpose is to provide tax incentives to employers to establish benefit plans and to ensure participating workers that benefits will be paid as promised by the plans. The Act also requires that the plan administrator provide workers with a summary of the plan, annual reports and appropriate notices of events that affect the plan.
It is administered by the U.S. Department of Labor (DOL). It is enforced by the DOL and private lawsuits by affected workers.